EUR/USD Current Price: 1.1493

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The American dollar extends its last week's slide across the board, with the common currency flirting with the 1.1500 region during the European morning. Majors however, remain within Friday's ranges in a so far, lackluster Monday. Data coming from Europe showed that the manufacturing sector posted a modest growth during April, as the final Markit manufacturing PMIs  ticked slightly higher in the EU and Germany, but fell in France. The US will release its own manufacturing figures after Wall Street's opening, expected below previous, something that will likely boost dollar's decline. In the meantime, the 1 hour chart for the EUR/USD pair shows that the RSI indicator has bounced from its 50 level and head north within overbought territory, whilst the Momentum indicator  also heads north above its mid-line. In the same chart, the 20 SMA stands now around 1.1465, the immediate support. In the 4 hours chart, the technical indicators also resumed their advances within overbought territory, whilst the 20 SMA has crossed above the 100 and 200 SMAs and heads strongly higher well below the current level, all of which supports some additional gains for the upcoming session. 

Support levels: 1.1465 1.1420 1.1380

Resistance levels: 1.1500 1.1545 1.1590


GBP/USD Current price: 1.4690

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The British Pound found some buying interest after London opening, and the GBP/USD pair recovered from a daily low set at 1.4580 with the Asian opening, accelerating to fresh 2-month high near 1.4700. There was no macroeconomic data coming from the UK this morning, and the ongoing advance is pure dollar's weakness. The short term picture is clearly bullish, as in the 1 hour chart, the technical indicators are entering overbought territory with a strong upward slope, although the 20 SMA remains flat in the 1.4610 region. In the 4 hours chart, the 20 SMA is slowly turning north after offering an intraday support around the mentioned daily low, whist the technical indicators turned higher within positive territory, also supporting a new leg north, on a break above 1.4710, the immediate resistance. 

Support levels:  1.4655 1.4620 1.4570

Resistance levels: 1.4710 1.4750 1.4790


USD/JPY Current price: 106.51

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Consolidating  near 106.00, downward risk prevails. The USD/JPY  traded as low as 106.13, with the JPY paring gains after adding around 550 pips in the last two trading journeys. The release of the Nikkei Japanese manufacturing PMI for April at the beginning of the day showed that production in the country declined at its strongest pace in two years, coming in at 48.2, putting local share markets under pressure. So far, the daily high stands at 106.72, below the immediate short term resistance at 106.90. The technical picture is bearish, as in the 1 hour chart, the technical indicators have corrected oversold readings and turned south around their mid-lines, whilst the 100 SMA accelerated its decline and broke below the 200 SMA, in line with a continued decline. In the  4 hours chart, the RSI indicator has turned south around 26, whilst the Momentum has corrected extreme oversold readings, but stalled its recovery well below its 100 level, in line with the shorter term outlook. 

Support levels: 106.10 101.75 101.40

Resistance levels: 106.90 107.35 107.80 


AUD/USD Current price: 0.7646

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The Aussie is up against the greenback, after meeting buying interest around 0.7600 earlier in the day, still holding above the 23.6% retracement of this year's rally. The Australian dollar is being underpinned by rising commodities, with the spot gold trading around $1,300.00 a troy ounce. As for the pair, a mild positive tone prevails in the short term, as in the 1 hour chart, the price is well above a flat 20 SMA, whilst the technical indicators aim higher within positive territory, but with a limited upward momentum. In the 4 hours chart,  the technical indicators are stuck within neutral territory, also lacking directional strength, but the price is now above its 20 SMA and its 200 EMA, supporting some additional gains on a break above the mentioned resistance. 

Support levels: 0.7570 0.7540 0.7500

Resistance levels: 0.7660 0.7700 0.7745 

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